Moneyhub has partnered with Money Squirrel to power its innovative financial management app for small businesses.

Money Squirrel launched its app early in January to provide a platform to help businesses take control of their finances and make their hard-earned cash work harder. Moneyhub’s Open Banking-enabled API technology powers Money Squirrel’s platform. It empowers businesses to make the most of their money by automating the saving of future VAT payments into market-leading interest accounts.

Although SMEs form the backbone of the country’s economy, they have been slow to benefit from the Open Banking revolution - due to a combination of difficult legacy system integration and a lack of standardisation.* However, SMEs stand to gain significantly from adopting Open Banking technology, and Money Squirrel’s app demonstrates how valuable Open Banking data, combined with Open Banking payments, can be for SMEs. 

Money Squirrel is the second venture to be inducted into the SHIFT Open Finance Community’s dedicated fintech incubator programme, ‘Ignite, ' which provides a combination of financial support, expert guidance, and industry networking opportunities.

Kim Jenkins, MD of API at Moneyhub, comments: "Collaborating with Money Squirrel is a significant step in making Open Banking technology accessible to both SMEs and larger institutions. We are thrilled to help simplify financial management and unlock growth opportunities for smaller businesses by powering Money Squirrel's app with our API. This partnership highlights our commitment to driving financial inclusivity and innovation across the board."

Andreea Daly, founder and chief executive officer of Money Squirrel, comments: “Having Moneyhub’s API technology has been critical to launching our app, but it’s also encouraging to be aligned with them on the aim of making Open Banking and Open Finance more inclusive. Having founded a business, I’ve experienced the frustrations of managing cash flow – spending countless hours calculating VAT and budgeting for future expenses. Therefore, we know firsthand how having the technology to remove these frustrations can unlock so much potential for businesses.”